Issue - meetings

Economic Resilience Strategy refresh

Meeting: 17/01/2022 - Cabinet (Item 3)

3 Economic Resilience Strategy refresh pdf icon PDF 403 KB

Wards: All

 

Report Authorised by: Eleanor Purser and Sara Waller: Strategic Directors for Sustainable Growth and Opportunity

 

Contact for enquiries: Matt Blades, Interim Director, Economy, Culture, and Skills 07786372720 mblades@lambeth.gov.uk

 

Additional documents:

Minutes:

The report was introduced by Deputy Leader and Cabinet Member for Planning, Investment and New Homes, Councillor Matthew Bennett, who highlighted that:

 

           The report followed on from the first Economic Resilience Strategy which was published in the Summer of 2020 and did not seek an Economic Recovery

           Rates of unemployment and economic exclusion were visible particularly in numbers of Lambeth’s young black men, disabled communities, and women

           It was Lambeth’s vision to offer more equity and inclusion for all

           Two years on from the Coronavirus pandemic, the overall size of the economy had returned to its pre-pandemic levels, but unemployment had peaked to three times what it was during the pandemic

           Large numbers of residents had been put on furlough or made unemployed

           Over the last few years, Lambeth had raised over £100 million in grants and additional money which had been raised to distribute to local charities, independent businesses and arts and culture organisations. This was only possible due to the way Lambeth had encouraged sustainable growth over a number of years

           The Strategy focused on three key areas: the Borough’s hospital and medical facilities, a low-carbon economy and creative digital industries. It would use these as the foundations for providing training and employment for young people and reaching out to communities that were economically excluded whilst championing the London living wage.

 

Cabinet made the following observations:

 

           Cabinet welcomed the report which detailed a range of processes striving for equity and recognition of the challenges arisen as a result of the pandemic

           The report recognised that young people had disproportionately suffered in terms of unemployment – long periods of which were detrimental in outcomes throughout their life

           The report recognised that care leavers were a priority group in terms of being given appropriate opportunities and training for employment. It was noted that 70% of Lambeth’s care leavers were in training or employment which although was above the national average, was still being worked on to progress to 100%

 

In response to some of the questions and comments raised, Officers and the Cabinet Member advised the following:

 

           The Council now had guidance on the three new Government funding schemes. These included a grant for hospitality and leisure businesses which were affected by the working from home restrictions, a scheme to target those who would have usually expected a large turnover over the Christmas period, and a grant for discretionary business rate relief for industrial estate or office-based businesses who had been negatively affected by the pandemic

           Although there was no fixed date for the next review of the Strategy, if the economic situation changed significantly then Officers would adapt and bring forward updated plans. It was noted that the Strategy brought to Cabinet should be valid for at least 12 months, it was hoped that within this time the borough would see an upturn in the economy and a decrease in the effects of the pandemic

           The  ...  view the full minutes text for item 3